The weekly allowance strategy has been in place now for many a decade and it continues to reign supreme for those wishing to give early financial lessons to their kids. Heck, it is probably how some enterprising kid may have started up their custom printed packaging business; using their weekly allowance to save and finance their venture.
Most of us still probably think that one of the best ways to finance any sort of venture is by seeking help at our closest bank. Is this true? Not really if you consider that the credit unions are now able to compete successfully with banks for our business. An aspiring cable cutter specialist more accustomed to using the tools here than at a bank may be asking for an explanation and here is a brief one. A credit union is for the people and run by the people and anyone investing their money through the services of a credit union can say that this allows them to be a part owner of the credit union.
The board of a credit union is made up of clients of said credit union while for a bank it is different. Credit unions are more driven to look after the welfare of their clients by investing closer to home. For someone seeking a loan to buy their first Toronto loft, a credit union may just be what the doctor has ordered.
You will often find that certain communities are more likely to form credit unions or to invest in them. There are several church communities that do just that. Any experienced mortgage Ontario office will be able to give you more information on the differences between a credit union and a bank.
There used to be a time when banks generally ruled the roost when it came to providing financial services but over the years, this has changed markedly. You can probably find that someone may go to a credit union to obtain a loan to buy some abstract art paintings or that they may go to seek financing for their small business. Or even maybe for a personal loan to buy a car or make a down payment on a home.
The choices are out there for the taking. All you need to do is to do your homework and ensure that whatever option you choose, it is the one that will best serve your needs and requirements. So happy loan hunting to you.